Douglas Baillie Ltd and The Pension Specialist
In May 2016, the business of Douglas Baillie Limited, was forced to shut down due to a barrage of claims against it, the Financial Services Compensation Scheme officially declared the business to be in default in 2016.
The so called Pension Specialist had been accepting business from third party unregulated introducers based all over the UK and in particular, from Scotland and saw pension holders move perfectly safe, well performing pension funds firstly into SIPPs and then to unregulated collective investment schemes (UCIS) that were simply dripping in commissions of as high as 55%.
The common theme on these pension transfers, in many cases,, the sweetener of a non-repayable upfront loan for the pension holder. Little mention was made of the 5% advice fee or the commission kickback that found its way back to Douglas Baillie pension specialists. The Ombudsman decision was extremely critical quoting that they “think it is also relevant that Douglas Baillie was paid commission.”
Typical high risk investments were all sorts of green energy schemes, foreign hotel rooms through the likes of Harlequin and The Resort Group , storage pods via Store First and green energy through Green Oil Plantations to name but a few. Baillie even had links to the Infamous Capita Oak scam that saw the launch of a Serious Fraud Office investigation commenced as some estimates put the number of pension transfers managed by Douglas Bailie into SIPPs as likely close to 9000. Based on an average transfer value of say just £40,000 this could equate to an astonishing figure of in excess of £700 million in miss sold pension funds.
If you have been referred to Douglas Baillie Ltd or the Pension Specialists by your financial advisor, mortgage broker or any other unregulated introducer and transferred your pension into a SIPP and have lost money, we are here to help